The following book and fair values were available for Westmont Company as of March 1.

	Book Value			Fair Value
Inventory	$	630,000		$	600,000
Land		750,000			990,000
Buildings		1,700,000			2,000,000
Customer relationships		0			800,000
Accounts payable		(80,000	)		(80,000	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings, 1/1		(360,000	)
Revenues		(420,000	)
Expenses		280,000

Arturo pays cash of $4,200,000 to acquire Westmont. No stock is issued and Arturo pays $42,000 for legal fees to complete the transaction.

Prepare Arturos journal entries to record its acquisition of Westmont. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet 1 2 Record the acquisition of Westmont Company. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet